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from or arising out of operations of DEVELOPER, its officers, <br />agency, or employees. Said policy or policies of insurance shall <br />provide coverage for both bodily injury and property damages in not <br />less than the following minimum amounts: Five Hundred thousand <br />Dollars ($500,000.00) combined single limit, or its equivalent. <br />Said policy shall also contain a provision that no termination, <br />cancellation or change of coverage of insured or additional insured <br />shall be effective until thirty (30) days notice thereof has been <br />given in writing to CITY. DEVELOPER shall give CITY prompt and <br />timely notice of any claim made or suit instituted. DEVELOPER <br />shall procure and maintain, at its own cost and expense, any <br />additional kinds and amounts of insurance, which, in its own <br />judgment, may be necessary for its proper protection in the <br />prosecution of the work. <br />VITT PROGRAM INCOME <br />A. "Program income," as defined at 24 CFR 570.500(a), <br />means gross income received by the DEVELOPER directly generated <br />from the use of CDBG funds. when such income is generated by an <br />activity that is only partially assisted with CDBG funds, the <br />income shall be prorated to reflect the percentage of CDBG funds <br />used. <br />following: <br />B. Program income includes, but is not limited to the <br />1. Proceeds from the disposition by sale or long term <br />lease of real property purchased or improved with <br />CDBG funds; <br />2. Proceeds from the disposition of equipment pur- <br />chased with CDBG funds; <br />3. Gross income from the use or rental of real or <br />personal property acquired by the DEVELOPER with <br />CDBG funds, less the costs incidental to the gener- <br />ation of such income; <br />4. Gross income from the use or -rental of real prop- <br />erty owned by the DEVELOPER that was constructed or <br />improved with CDBG funds, less the costs incidental <br />to the generations of such income; <br />5. Payments of principal and interest on loans made <br />using CDBG funds; <br />6. Proceeds from the sale of loans made with CDBG <br />funds; <br />7. Proceeds from the sale of obligations secured by <br />loans made with CDBG funds; <br />Page 6 of 11 Pages <br />